The Baltimore-Richmond region is home to some of the world’s top employers, including 53 Fortune 1000 companies, of which 28 are Fortune 500 companies. From 2020 to 2023, the regional job market expanded by 300,000 jobs, and projections indicate it could add another 300,000 by 2030.
The super region is home to 10.5 million people and boasts a vibrant and younger workforce that is more diverse and highly educated compared to other major Northeast metropolitan areas, as revealed by recent economic and workforce data.
A 2024 study highlighted skill gaps in the Washington D.C. region, particularly in core manufacturing, tech and AI, and health care, which sees a monthly unfilled job posting rate of 75% in the region.
The Baltimore-DC-Richmond region has experienced explosive growth in AI/ML and other specialized technical skills, which may lead to an increased supply/demand mismatch across industries.
The future of work will require workers to have increasingly more social, emotional, cognitive, and technological skills to succeed.
The Greater Washington Partnership recently released its study, “2024 Skills Forecasting: Employer Signaling for the Future of Work,” produced in partnership with McKinsey & Company using data from job postings, job seeker profiles, and direct employer input to anticipate future workforce needs and skills/talent gaps in Maryland, Virginia, and Washington, DC.
The report examines the region’s capacity, opportunities, and challenges for filling nearly 300,000 new job listings by 2030, with a focus on high-growth sectors like healthcare, technology/AI, and advanced industries trades (e.g. construction, production, and engineering.
Insights from the Partnership’s table of leading employers suggest that even though the region already has higher-than-average levels of labor force participation (~70 percent vs. ~63 percent nationally), it is challenging to find workers with adequate skills and experience to attain these positions.
A key resource the Partnership uses to address the talent gap is the Employer Signaling System (ESS), a differentiating tool informed by employers and labor market data that helps educators prepare students to fill some of the most in-demand jobs.
The report, “Emerging Skill Demand in the Greater Washington Region,” produced with support from knowledge partner, McKinsey & Company, highlights the capacity, opportunities, and challenges for filling nearly 300,000 new job listings by 2030.
Without significant intervention and investment into building appropriate skill sets, many of those jobs could go elsewhere.
The Baltimore-Richmond corridor is expected to experience growth in skilled job opportunities across sectors such as healthcare, technology, and advanced industries.
However, current projections indicate that the region’s talent pipelines may not meet the demand for adequately skilled workers to fill these positions.
Greater Washington Partnership is a nonprofit alliance of the region’s most influential and leading employers across industry sectors in Maryland, Virginia, and Washington, D.C., all committed to championing the region’s economic growth and vibrancy.
Together, they leverage their collective experiences, resources, and assets to identify shared challenges and offer real solutions to the region’s most critical issues, including skills and talent, regional mobility, infrastructure, and inclusive growth.
McKinsey is a global management consulting firm committed to helping organizations accelerate sustainable and inclusive growth. They work with clients across the private, public, and social sectors to solve complex problems and create positive change for all their stakeholders.
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